I just lost a US $10,000,000 construction loan in the Capital of the Dominican Republic, Santo Domingo.

We already reached the stage of a committment, the borrower, in agreement with myself stepped back from the deal because of US $35,000 in committment fees and manny things that just did not seem correct.  Things that did not seem correct were among others the fact that the "lender" called me almost every day asking for the fee. 

Here is what we need:

LA: US $10,000,000

Borrower owns land free and clear, value US $5.000,000.  The developer is using another US $5,000,000 of his own funds.  This brings the

LTV to:50%

Value when completed: US $45,000,000

Loan term : 2 Years

There is a strong lack of office space in the country and especially in the Capital, Santo Domingo.

Project is all completed, incl. all permits, designs and so forth.

Construction will start the day of funding.

Complete package is available for review.  Thank you.

Joerg Pohlig  809 432-0292      EQUITYFINANCEINTERNATIONAL@YAHOO.COM

You should have taken the deal. Commitment fee's outside of the closing are very common in commerical deals and the cost doesn't seem out of line in today's market.

I appreciate the advise.  But, as I said above this was only one of many items that did not seem correct. 

I might have a connection for you. Give me a few days and I will get you some more contact info.

Thank you.  I have a complete loan package available.